SINGAPORE – Brad Garlinghouse, CEO of crypto company Ripple Labs, stated at the XRP Ledger Apex, the Ripple (XRP) community conference in Singapore, that he remains bullish on stablecoins – a sentiment he said is reinforced by the recent blockbuster Circle initial public offering (IPO).

Circle, the company behind the $61 billion stablecoin USDC, made a roaring debut on the New York Stock Exchange Thursday, becoming the first stablecoin issuer to go public and making CEO and cofounder Jeremy Allaire a billionaire.

Shares of stablecoin issuer Circle spiked on Wednesday as its USDC token expands natively to another blockchain, World Chain.

Circle Internet Group (CRCL) said Wednesday that the underwriters of the stablecoin issuer's previously completed IPO have fully exercised their option to buy an additional 5.10M shares from Circle.

Circle joins Coinbase, Mara Holdings and Riot Platforms as one of the few pure-play crypto companies to list in the U.S.

Circle's CRCL stock debuted on the NYSE on June 5 when it opened at $69, more than 124% higher than the IPO price of $31. The CRCL stock hit a record high of $138.57 on 9 June as the news of ETF filings flew in. However, the stock closed at $ 107.10 on 10 June, a 7% drop in a day.

Circle priced its initial public offering (IPO) on Wednesday at $31 per share, above the expected range of $24 to $26. The company sold around 34 million shares in the offering for a valuation of $1.1 billion. Bloomberg pegs the total amount raised in the IPO at $6.9 billion.

Circle stock continued to surge on Monday for a third day in a row following the stablecoin issuer's blockbuster IPO last week.

By the close of Circle Internet Group’s first trading day on Thursday, June 5, its stock had rocketed to $88, a 180% jump from the price institutional investors paid for their shares in the underwriting led by JP Morgan,

Stablecoin issuer Circle Internet's shares more than doubled in their debut on the New York Stock Exchange on Thursday, firing up the IPO market that has struggled to regain momentum.

BitMEX Research suggests Circle's post-IPO rise and treasury-backed model could make it a safer, more profitable play than MicroStrategy.